Northeast

LARKEN ASSOCIATES ACQUIRES RETAIL, OFFICE PROPERTY FOR $16.3 MILLION

by admin February 19, 2009

SPRINGFIELD, N.J. — Larken Associates has acquired Echo Plaza, a mixed-use property located on Route 22 in Springfield, for $16.3 million. The property comprises a 66,568-square-foot neighborhood shopping center, as well as a three-story, 40,880-square-foot office building. The retail center is 71 percent leased to a tenant roster that includes Big Lots, Outback Steakhouse and Sherwin Williams. The office building is 91 percent leased to tenants that include financial, insurance and area service companies. David Bernhaut, Andrew Merin, Gary Gabriel and Jose Cruz of Cushman & Wakefield arranged the transaction, with John Garibaldi of GRC Management providing additional assistance for the seller, Paragano Development. The buyer plans to make significant capital improvements to the property in an effort to lease the vacant space.

February 19, 2009

HAYDEN ACQUIRES TWO OFFICE BUILDINGS FOR $9 MILLION

by admin February 19, 2009

EXTON, PA. — Hayden Real Estate Investments has acquired two Class A office buildings located in Exton for $9 million. The two properties are located within Whitelands Business Park at 748 and 855 Springdale Dr. The former building is a single-story, Class A office building that contains 13,844 square feet and the latter is a two-story, 52,714-square-foot building. Major tenants include Physiotherapy Corp. and Integrated Health & Wellness. Tony Hayden, Jr. provided in-house representation for Hayden Real Estate Investments. The seller, Brandywine Realty Trust, was represented by Brian Fiumara of The Flynn Company.

February 19, 2009

Industrial Northeast

RUSSO ACQUIRES VACANT WAREHOUSE FOR MULTIFAMILY REDEVELOPMENT

by admin February 19, 2009

KEARNY, N.J. — Russo Development has acquired a 190,000-square-foot vacant warehouse, located at the intersection of Schuyler and Bergen avenues in Kearny. The 7.5-acre site will be redeveloped into Schuyler Crossing, a multifamily project that will contain 232 apartment units and 20,000 square feet of retail space. The structure has been demolished and site improvements are already under way. Vertical construction is scheduled to begin in mid-2009. The seller, as well as the sale price, was not disclosed.

February 19, 2009

Northeast Retail

BEACON COMMERCIAL REAL ESTATE BROKERS GROCERY SALE

by admin February 19, 2009

CHESTNUT HILL, PA. — Conshohocken, Pa.-based Beacon Commercial Real Estate has brokered the sale of the former Caruso’s Market building, located at 8418-8424 Germantown Ave. in Chestnut Hill. The 6,700-square-foot building contains the retail store, as well as six residential apartments located above the storefront. Beacon Commercial’s Mike Flynn, Gene McHale and John O’Dea represented the owner, Wynnewood, Pa.-based CMS Cos. The seller, Weaver’s Way Co-op, was represented by Bill Elfant of Elfant Wissahickon Realtor. Weaver’s Way is a co-op grocery store that currently has a location in Mt. Airy. It will renovate the Chestnut Hill property and open an additional grocery store by mid-to-late summer. It is not known if the apartments were included in the sale.

February 19, 2009

Multifamily Northeast

CONSTRUCTION ADVANCING FOR HUDSON HILL CONDOMINIUM

by admin February 18, 2009

NEW YORK CITY — Manhattan, New York City-based Alchemy Properties is advancing construction for Hudson Hill Condominium, a 67-unit residential building currently under construction at 462 W 58th St. in New York City. Upon completion in June, the property will contain a mix of one-, two- and three-bedroom residences that range from 760 to 3,253 square feet in size and range from $805,000 to $2.98 million in price. Many of the homes feature terraces and balconies, and all five of the building’s penthouse units feature rooftop terraces. Building amenities include a 24-hour attended lobby, a video intercom system, a recreation room and an outdoor patio. The project was designed by FXFOWLE ARCHITECTS and is being developed by Alchemy. Sales have commenced for the residences and a model unit has been completed for prospective buyers.

February 18, 2009

Northeast Office

VERIZON LEASES 153,000 SQUARE FEET AT EISENHOWER CAMPUS

by admin February 18, 2009

LIVINGSTON, N.J. — Telecommunications company Verizon has leased 153,000 square feet of Class A office space at Eisenhower Corporate Campus, a 33.5-acre, 385,000-square-foot office property located at 290 W. Mt. Pleasant Ave. in Livingston. The company will be consolidating two of its offices, located in Madison and Scotch Plains, N.J., into the new facility. Chatham, N.J.-based The Garibaldi Group represented the owner, a partnership between Eastman Cos. and The Sagner Companies. Grubb & Ellis represented Verizon. The interior fit-out is currently under way, with Verizon expecting to move into the new office by the second quarter. Construction is being completed by Eastman Construction Co., the general contracting division of Eastman Cos.

February 18, 2009

Multifamily Northeast

MERIDIAN CAPITAL GROUP ARRANGES $32 MILLION MULTIFAMILY LOAN

by admin February 18, 2009

NEW YORK CITY — Meridian Capital Group has arranged $32 million in first-mortgage financing for a 13-story luxury apartment building located at 222 W. 83rd St. in the Upper West Side of Manhattan, New York City. The building comprises 111 apartments and four commercial units. Avi Weinstock of Meridian negotiated the financing on behalf of the undisclosed borrower with a local lender. Terms of the financing include a 5.85 percent fixed interest rate with 5 years of interest-only payments.

February 18, 2009

Hospitality Northeast

PARAMOUNT LODGING ADVISORS BROKERS BEST WESTERN SALE

by admin February 18, 2009

LUDLOW, VT. — Chicago-based Paramount Lodging Advisors has brokered the sale of a 50-room Best Western hotel located in Ludlow. Stephen Mills and Philippus Miller III of Paramount negotiated the transaction between the undisclosed seller and the buyer, R.S.B. Ludlow Inc. The new owner will continue to operate the hotel under the Best Western brand. The acquisition price was not disclosed.

February 18, 2009

Northeast Office

ROCK COMMERCIAL COMPLETES 8,148-SQUARE-FOOT SALE

by admin February 18, 2009

YORK, PA. – York-based ROCK Commercial Real Estate has completed the sale of an 8,148-square-foot commercial property located on 2.82 acres at 2201 S. Queen St. in York. ROCK represented the seller, Easter Seals Central Pennsylvania, which sold the property to Paragon Properties Group for an undisclosed amount.

February 18, 2009

Northeast Retail

MARCUS & MILLICHAP ARRANGES $9.35 MILLION WALGREENS SALE

by admin February 17, 2009

LEOMINSTER, MASS. — Marcus & Millichap has arranged the sale of a newly constructed Walgreens pharmacy, located at 35 Central St. in Leominster, for $9.35 million. Bob Horvath and Todd Tremblay of Marcus & Millichap’s Boston office represented the buyer, a regional investor, as well as the seller, a regional developer. The property traded at a 6.36 percent capitalization rate.

February 17, 2009

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